Questions about possible REO Bid

[Mike Lynch]

Good Morning!

I am looking at what seems to be a good deal? --- But I am confused, as usual.

I have found a 2005 - 2400 sq. ft. - 4/2 Doublewide on 1.5 acres of land in TN. It is in a rural area near a small town. The REO price at the moment is $41,500. I did some GIS research and here's what it says.

2015 Parcel Values:

Other land   ---  $19,810

Other Improved  ---  $145,600

Taxable Total  ---  $165,410

Recent comps are between $80,000 to $140,000

All of the homes in the area have a tax value between $65,000 and $130,000, but are around .75 acres, instead of 1.5 acres like the one that I am talking about.

What can you tell me about these numbers? --- Does anything look strange? --- Am I missing something?

I will go and see the home on Monday morning. If everything looks decent enough to move forward, and neighborhood looks okay, I am thinking about placing an offer. My budget for repair costs is around $20,000 total give or take. How much would you offer for this home if the price right now is $41,500. It has no appliances.

Here's how I came up with $20,000 for repairs. I did a sort of worse case scenario ( new appliances around $6000.00, new carpet and flooring $6000.00, new HVAC $6000.00, or paint, or plumbing, or roof repairs. I don't know, I am just wild guessing but have not seen the property yet.

Thanks!

[Tom Fisher]

This is 1.5 acres and neighbors are .75?  Check to see if the property can be subdivided.  That could be a windfall.